In a recent report to the National Assembly, the Government said trade with European countries too increased sharply since the EU- Vietnam Free Trade Agreement (EVFTA) took effect in August last year.

Workers make garment products in a factory in Tan Binh District, Ho Chi Minh City.

Investment by 26 out of 27 EU member countries increased in the year-to-date, and include major names such as Shell Group (the Netherlands), Total Elf Fina (France - Belgium), Daimler Chrysler (Germany), Siemens, and Alcatel Comvik (Sweden).

The Netherlands is the largest investor with nearly $10.4 billion in 382 projects. It is followed by France with $3.62 billion and Germany with $2.25 billion.

European investment is forecast to keep increasing in the medium and long terms, mainly in high-tech industries.

To attract EU investment, many provinces and cities are acquiring lands around industrial zones, building infrastructure and creating a skilled workforce in agriculture, manufacturing and logistics and simplifying administrative procedures.

Trade between the EU and Vietnam has also prospered in the year since EVFTA took effect despite the hurdles caused by Covid.

This year, it has risen by nearly 12 percent year-on-year to $54.6 billion, with Vietnam’s exports being worth $38.5 billion.

Vietnam’s main exports have been phones and components, computers, other electronic products and components, shoes, textiles, garments, machinery, equipment and appliances, tools and spare parts, and iron and steel products.

Vietnam is still struggling to comply with the stringent sustainability and other technical standards of the EU market. Besides, protectionism and use of trade remedies and non-tariff barriers is increasing in the bloc.

Foreign businesses continue to see Vietnam as a good investment location

While a number of foreign companies have moved part of their production or orders to other countries, many still see Vietnam as a good location for investment in the long term.

Majority of businesses to start immediate recruitment

Nearly 57 percent of companies plan to start recruiting immediately as things resume normality, after the fourth Covid-19 wave forced their suspension for months.

Strategies for safe resumption by businesses

Since living with Covid-19 seems inevitable, businesses want the government to be rational about safety requirements.

Special working groups to be set up to assist businesses, people

Prime Minister Pham Minh Chinh has ordered ministries, agencies, and localities to set up their special working groups for tackling difficulties facing businesses and people amid the Covid-19 pandemic.

Nearly 1,000 businesses newly established in Bac Giang

(BGO) – For the first nine months of this year, 965 businesses have newly established in the northern province of Bac Giang, 3 percent year on year increase with total registered capital of 19,371 billion VND (855.6 million USD), reported the Department of Planning and Investment.

Source: VnExpress